-- Connecting the dots between our economy, government and business --
The word "threshold" matters: It's not a true exemption. If an estate is valued at $4 million or less, there is no Illinois estate tax. But if the value exceeds $4 million by even a single dollar, Illinois will tax the entire estate, not just the amount above the threshold. This is known as the Illinois "cliff tax." At an estate value of exactly $4 million, the tax is zero. But at $4 million plus $1, the entire estate is taxable.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
The unemployable heirs of JB the Hutt needn’t worry. In the unlikely event he has a massive coronary and assumes room temperature, his funds are tied up in offshore trust funds far from the purview of state revenue agents. Taxes are for the little people.
Illinois elects its dumbest. The Useless Chicago Media are their enablers.
All these ideas and strategies to avoid unexpectedly getting caught in more confiscatory Illinois taxes. How much simpler it would be for Illinois to wake up and start looking around at what it’s neighbors are doing by way of zero estate taxes. The only other idea is for people take whatever they have worked to acquire in the form of net worth and go spend it in another state.
Guaranteed that Pritzker has all of his billions hidden in off shore trusts, convoluted investment plans, family trusts or anything else to protect his and his family’s wealth. Meanwhile, too bad you commoners.
Illinois is known for letting the dead so it’s only natural they tax the dead.